CATL Unit to Take 25% Stake in China Cobalt Giant

(Bloomberg) — Top global battery maker Contemporary Amperex Technology Co. Ltd. (CATL) agreed to take a stake in CMOC Group, a major cobalt producer, increasing vertical integration in China’s burgeoning electric vehicle supply chain.

The mining company said its second-biggest shareholder agreed to an earlier proposal to transfer its 24.68% holding — valued at 26.75 billion yuan ($3.7 billion) — to a unit of CATL. In return, the same shareholder will take a stake in the CATL subsidiary.